Data from Strategic ETH Reserve reveals that SharpLink, The Ether Machine, and ETHZilla have seen their mNAV ratios drop below 1, indicating a shift from an accretive to a dilutive cycle due to declining ETH prices. The firms hold a combined total of 1.4 million ETH, and the mNAV ratios are now 0.99, 0.07, and 0.88, respectively.